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Revolving Loan Funds Update
November 13, 2018
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Revolving Loan Fund Finance Update

Features

Trump Signs Law Providing Funding for WIFIA, RLFs
America's Water Infrastructure Act of 2018 reauthorizes the Water Infrastructure Finance and Innovation Act, or WIFIA, at $50 million, and removes it from pilot program status. It also reauthorizes the Drinking Water State Revolving Fund for the first time since 2003, providing $1.95 billion by the third year of the three-year authorization.

House Joins Senate in Effort to Improve U.S. Flood Readiness
H.R. 7037, introduced Oct. 5, would create a revolving loan fund program for states, to be run jointly by the Federal Emergency Management Administration (FEMA) and state governments. The program would provide the nation's first sustainable source of money for flood mitigation projects.

ID RLF Receives $19M Boost From U.S. EPA
About $11 million will go into DEQ's drinking water fund, and about $7.8 million will go to its clean water fund, the latter of which supports wastewater efforts. Nate Runyan, deputy public works director, said a portion of the $7.8 million will contribute to a $37 million loan from the state revolving fund that will help pay for phase II of Nampa's upgrades.

SC Community Loan Fund Highlights Hub City Farmers Market
The South Carolina Community Loan Fund provided a $350,000 loan to help fund the completion of the farmers market on Howard Street. According to CEO Michelle Mapp, the project was the first to be financed with funding provided by the U.S. Treasury under its healthy food financing program in 2011.

As Hurricane Michael Damages the Southeast, PR Provides Lessons on Resilient Power
As each natural disaster brings devastation, the aftermath provides opportunities to build on innovations undertaken and lessons learned elsewhere. Notwithstanding the terrible impacts that Maria inflicted on Puerto Rico, the island's recovery provides a useful roadmap for leaders in the Southeast today.

RDC to Administer Michigan City, IN RLF
Created by the Michigan City Common Council in 2010, the fund is administered through the EDCMC which has utilized the RDC to process the loans for the past three years. Under the agreement, potential borrowers can contact the RDC directly for a loan request, which the RDC will underwrite and present to the fund's appointed Loan Committee.

Clock Shop Lofts Get $800K Clean Up Loan
The $800,000 federal subsidy will come from the Brownfields Revolving Loan Fund (BRLF), which the EPA set up with the city in 2010 to provide loans and grants for the remediation of eligible contaminated properties in New Haven, CT.

Salt Lake City, UT Approves Funding for Four Affordable Housing Projects
In June 2018, RDA staff submitted a NOFA to the development community for $10 million in low-interest loans. According to staff, the RDA received $19 million in funding requests none of which included a project in a high-opportunity area. The four approved projects will receive funds from the $5.5 million set aside for citywide projects and the RDA's revolving loan fund.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) WebCourse

Financing Economic Recovery in the Wake of Disaster
November 14, 2018 - 2:00 - 4:00 PM Eastern
In this CDFA webinar, you'll learn from experienced development finance practitioners on how to finance the recovery and redevelopment of communities following a disaster, as well as the types of finance tools available to communities on the federal, state, and local level.

Headlines

IA Communities Receive $171M in Water SRF Loans
N'West Iowa Review | Nov. 7 | Access to Capital | Revolving Loan Funds (RLFs) | Water Finance

Gateway LDC, NY Approves Loan Through RLF
The Batavian | Nov. 7 | Revolving Loan Funds (RLFs)

Crawford County, IA Business Gets Hand Up From RLF
1380 KCIM | Oct. 14 | Revolving Loan Funds (RLFs)

Loan Approved for Environmental Cleanup in Hammond, IN
Chicago Tribune | Oct. 11 | Brownfield Financing | Revolving Loan Funds (RLFs)

EPA Provides Nearly $19M to VT for Clean Water Projects
EPA | Oct. 9 | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)


New Additions to the Online Resource Database

CDFA EDA Revolving Loan Fund Webinar Series: Solutions for Revolving Loan Fund Servicing
Revolving Loan Funds (RLFs) | U.S. Dept. of Commerce (DOC) | U.S. Economic Development Administration (EDA) | Webcasts
Awarding the loan is just the beginning of a longer process. In order to be successful, RLF staff must maintain regular communication with the borrower and provide ongoing loan servicing. Many RLFs have found success in building partnerships with professional lending institutions to manage their loan servicing while others prefer to maintain the servicing in-house. Speakers on this webinar included Mitchell Harrison with the U.S. Economic Development Administration, Harry Allen with CDFA, Amanda Ruark with Buffalo Trace Area Development District, and Amir Kirkwood with Amalgamated Bank.


The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net


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CDFA National Sponsors

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  • Baker Tilly Virchow Krause
  • Ballard Spahr LLP
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd, LLC
  • Grant Thornton LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • MB Financial Bank, NA
  • McCarter & English, LLP
  • McGuireWoods
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Squire Patton Boggs
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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